Representatives hint at the possibility of postponing today's cabinet session to discuss the general budget

[horsesoldier]

Just now, Shelley said:

I think I’m confused and crazy enough to still believe there is a plan !!! LOL 

Reckon we’re all a might crazy or we wouldn’t be here, huh 

[Half Crazy Runner]

48 minutes ago, Floridian said:

130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar

Are these idiots saying they want to make the rate 1300 dinar to the dollar, instead of the present rate of 1190 dinar to the dollar?

 

A while back when Iraq was talking about this, somebody suggested that they mean to change the rate to 1300, then drop the zeros making the dinar worth $1.3 ..? (or maybe I’m grasping at straws here 😁) 

[Carrello]

2 minutes ago, Half Crazy Runner said:

A while back when Iraq was talking about this, somebody suggested that they mean to change the rate to 1300, then drop the zeros making the dinar worth $1.3 ..? (or maybe I’m grasping at straws here 😁) 

You are right. This has been speculated for a while. Ten years ago the SIGIR stated the IQD will revalue to $1.17. Today's rate may very well be $1.30.

[Half Crazy Runner]

9 minutes ago, Carrello said:

You are right. This has been speculated for a while. Ten years ago the SIGIR stated the IQD will revalue to $1.17. Today's rate may very well be $1.30.

Oh my, the thought of a $1.30 rate blows my mind 🤯

All the great news lately has me using up all my reactions every day 😄 (why do we have a daily limit...??)  Thanks Carrello! 

[rvmydinar]

59 minutes ago, Carrello said:

You are right. This has been speculated for a while. Ten years ago the SIGIR stated the IQD will revalue to $1.17. Today's rate may very well be $1.30.

$1.17 is better. But $1.30 is even better. Let's hope that it is going to rv in 6 months, according to adam's speculation. Come rv sooner and closer.

[rvmydinar]

Do you all think the cbi, goi, and iraqi politicians will ever read what we all talk about here in dinarvet? I am just wondering what would they think about dinarvet? Are they thinking to rv the iqd at least 1:1, like all of us? Hopefully, they realize and rv the iqd as soon and close as possible.

[GreedyDinar07]

Hey RVdinar where did you get 6 months from when the White Paper Economic reform goes into effect on 1.1.2021 and the 2021 budget has to be approved by 12.31.2020. They can't borrower any more money and  delaying this could caused their economy to go into bankruptcy. Besides, I don't have enough patients to give for another 6 months of this insanity!! Please explain if you don't mind...

["Fred"]

4 minutes ago, GreedyDinar07 said:

Hey RVdinar where did you get 6 months from when the White Paper Economic reform goes into effect on 1.1.2021 and the 2021 budget has to be approved by 12.31.2020. They can't borrower any more money and  delaying this could caused their economy to go into bankruptcy. Besides, I don't have enough patients to give for another 6 months of this insanity!! Please explain if you don't mind...

A month or 2 ago Adam mentioned in one of his chats we might be 6 months out, that may be what rvdinar was talking about 

[GreedyDinar07]

Adam doesn't know anymore than we do. He has been predicting an RV every since I have been involved with this insanity back in 2007 and all of them have been wrong or else we wouldn't be here. 

[Artitech]

53 minutes ago, rvmydinar said:

Do you all think the cbi, goi, and iraqi politicians will ever read what we all talk about here in dinarvet? I am just wondering what would they think about dinarvet? Are they thinking to rv the iqd at least 1:1, like all of us? Hopefully, they realize and rv the iqd as soon and close as possible.

Not NO but hell NO

[Artitech]

14 minutes ago, GreedyDinar07 said:

Adam doesn't know anymore than we do. He has been predicting an RV every since I have been involved with this insanity back in 2007 and all of them have been wrong or else we wouldn't be here. 

There is Nobody in the US, that knows a damn thing, as to what Iraq is going to do with their currency! Anybody thats claims they know, you better be covering that most intimate area of your body!! Because your fixin to have something going in it! Instead of the natural thing of something coming out of it!! Enjoy the ride! 12 years for me and counting! JMHO! 

[rvmydinar]

1 hour ago, "Fred" said:

A month or 2 ago Adam mentioned in one of his chats we might be 6 months out, that may be what rvdinar was talking about 

You are absolutely right. That's what i am talking about.

[3n1]

2 hours ago, rvmydinar said:

Do you all think the cbi, goi, and iraqi politicians will ever read what we all talk about here in dinarvet? I am just wondering what would they think about dinarvet? Are they thinking to rv the iqd at least 1:1, like all of us? Hopefully, they realize and rv the iqd as soon and close as possible.

 

You can't be serious , right ? but to my knowledge there might be someone somewhere but i have never read an iraqi on any dinar forum ever , infidels holding iqd for a future profit probably boils their blood .. sorry to be graphic . cheers  

["Fred"]

1 hour ago, GreedyDinar07 said:

Adam doesn't know anymore than we do. He has been predicting an RV every since I have been involved with this insanity back in 2007 and all of them have been wrong or else we wouldn't be here. 

And yet your still here. Personally I have more faith in what Adam says then anyone else. My memory isn’t very good for numerous reasons but when Adam said we could be 6 months out that was the closest statement he has made to a prediction, he doesn’t give predictions he gives his opinion 🙂

[GreedyDinar07]

Of course I am still here just like everyone else. You should have more faith in what you read and research than what someone tells you. Stating that we are " 6 months out" is a prediction. I just wanted to know how did he come to that conclusion when the IMF and the G7 Countries etc  have clearly stated that if Iraq continues to borrower and does not pass the budget for 2021 by December 31st 2020 and implement the Economic Reform on 1.1.2021, their economy will go into bankruptcy. Personally, if the IMF wasn't involved I wouldn't be as interested because all of the last Prime Ministers except for this current one have been loyal to Iran and that is one reason there hasn't been any success. From Maliki all the way down to Mahdi, I have seen it all and this is the closest we have ever been. I say now or never, why wait any longer. If it doesn't happen it will be the Iraqi people who will suffer and that is not fair to them!!

[yota691]

70 proposals to reform the financial and economic systems

Wednesday 09 December 2020 50

 

  Baghdad: Omar Abdul Latif

 

A member of the Finance Committee in the House of Representatives, Dr. Magda Abdul Latif Al-Tamimi, presented 70 proposals aimed at reforming the country's financial and economic systems and putting the 2021 budget on the right track.

Al-Tamimi said, in an interview with “Al-Sabah”: that she “submitted 70 proposals to be attached to the reform paper presented by the Finance Committee, and the government accepted it with its white paper,” calling for “merging all these papers to put next year's budget on the right path.”

She added, "The proposals focused on issues that bring money into the state budget through quick collection," indicating that "the proposals were divided into four time paths (urgent, short, medium, and long-term), and starting them immediately, as they are aimed at one goal." Until "these proposals need the force of law, their proper implementation, and firmness away from corruption."

Al-Tamimi described the budget for next year as “groaning” and it is not possible to make impromptu decisions that add other burdens to it, “and everyone knows that the House of Representatives voted on three borrowing laws, the last of which was to provide salaries for the past months, in addition to the election financing law.” Another is to boost the budget, and forget about the rentier economy that has relied on oil for 17 years. The country cannot be put in the wind because of news that could make oil prices plummet to their lowest levels.

[yota691]

Deputies intend to add Resolution 315 in the 2021 budget

Wednesday 09 December 2020 55

 

 

Baghdad: Morning 

 

Members of Parliament intend to include Resolution 315 in next year's budget.

Amjad Al-Oqabi, the deputy for the Alliance of Sairun, told “Conscious”: “Members of Parliament are sympathetic to workers in all ministries and bodies according to the system of wages and contracts, and Resolution 315 will be added to the general budget for the next year, and their conditions and equality with the permanent staff will be adjusted.”

He added that "the House of Representatives appreciates the efforts of employees and contractors in developing work in state institutions."

The spokesman for the Council of Ministers, Hassan Nazim, said earlier that there is work underway to complete the draft general budget law for next year.

[yota691]

Parliamentary Finance to «Economy News»: The deficit in the 2021 budget is 70 trillion dinars

 

Representative Muhammad Sahib Al-Darraji. "Internet"

money and business Economy News - Baghdad The Parliamentary Finance Committee announced that the deficit in the budget next year will reach 70 trillion dinars, indicating that the total salaries amount to 54 trillion dinars in the next year’s budget. A member of the Parliamentary Finance Committee, Muhammad al-Darraji, told Al-Iqtisad News that the deficit in next year's budget is 70 trillion dinars, and it requires the Ministry of Finance, wise measures, explaining that the total salaries are 54 trillion dinars annually. He stressed that Iraq grants one billion dollars a month to oil licensing mobile companies, adding that the government has not yet started implementing the White Paper.

Number of observations 404   Date added 12/08/2020

[yota691]

On 12/8/2020 at 9:05 AM, Shelley said:

I’m in complete confusion on this one ,

Hope this article clear up the confusion. CBI has rate and outside currency exchange have a rate as well. The CBI has 2 problem with fake invoice in the currency auction and currency exchange (Private Banks) charging higher exchange rate. The rise to 130 is referring to what the exchange center are charging, while the CBI rate never changes for exchange

 

 

The high exchange rate of the dollar ... An expert talks about interfaces linked to neighboring countries that are controlling the situation

 

 

1,632 Economie 12/09/2020 21:19 Baghdad Today -

Baghdad Economic expert Rasem Al-Akidi confirmed, Wednesday (9-12-2020), that most of the private banks in the country are fronts for neighboring countries, while describing what he called the state’s “secrecy” of the currency auction as “very disturbing.” Al-Aqidi said in an interview with (Baghdad Today), that "the clear difference between the exchange rate of the dollar in the currency auction and the Iraqi markets confirms that there are whales controlling the economy in the country," noting that "the sale of the dollar to private banks raises many question marks and indicates Until there are political blocs and senior officials who possess the power of economic decision-making, and they are the ones who founded those banks and others are shareholders, so they try to control the central bank’s decision. He added, "The correct framework for selling the dollar is through government banks or the Central Bank of merchants and importers, and not through private banks that put a large profit margin that affects the price of imported materials, the Iraqi currency and individual income, and has repercussions on the economic, political and social file." Al-Aqidi pointed out that "the painful truth is that Iraq has become a source of hard currency for many countries, including neighboring countries and others in Asia, and there are large multinational companies that subsist on currency auctions in Baghdad, but most of the neighboring countries have very large Iraqi funds in order to enter the currency auction and buy dollars because it is Basically, most of the private banks are fronts for multiple countries. " He continued, "The controversial matter is the government's recent concealment of announcing the schedules of selling the dollar and its quantities in the labor auction, which raises a real concern about what is happening while the process was clear to the media and by numbers," stressing that "the government is able to control the dollar exchange rate because it is "Who owns the dollar through oil sales, in addition to that it owns a large monetary mass through its non-oil resources, including taxes, but it needs crucial decisions." The economist and member of the Board of Directors at the Central Bank, Majed Al-Suri, spoke on Tuesday (December 8, 2020), about the reasons for the high exchange rate of the dollar in local markets. Al-Suri said in an interview with (Baghdad Today), that "speculation, political and economic confusion, and citizens' lack of confidence in the future of the Iraqi dinar are among the main reasons for the high exchange rate of the dollar in the local markets." On the role of the central bank in dealing, with fears of a high exchange rate of the dollar, al-Suri indicated that "the central bank sells dollars at an exchange rate ($ 1190), and there is no change in the price. He continued: "Knowing that up to now, there is no intention of the Central Bank to raise the exchange rate, and all that is being circulated of opinions issued by MPs and politicians about fears of a high exchange rate represent means of pressure to achieve certain goals." He warned that "the central bank seeks to pump hard currency, for the purpose of controlling its exchange rate in the local markets." He pointed out that "private banks and banking companies have been identified to buy 30 thousand dollars a week," explaining that "this reduction in the infusion of hard currency came because of the lack of travel for tourism, medical treatments, and the lack of liquidity from hard currency." As the picture indicated, "the Central Bank decided to receive foreign transfers in the form of 75% for the dollar, and 25% for the Iraqi dinar." The exchange rate of the dollar rose again in the local markets in Iraq, to touch the new high on Tuesday, 128 thousand dinars for every 100 US dollars. The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20.

[Shelley]

6 minutes ago, yota691 said:

Hope this article clear up the confusion. CBI has rate and outside currency exchange have a rate as well. The CBI has 2 problem with fake invoice in the currency auction and currency exchange (Private Banks) charging higher exchange rate. The rise to 130 is referring to what the exchange center are charging, while the CBI rate never changes for exchange

 

 

The high exchange rate of the dollar ... An expert talks about interfaces linked to neighboring countries that are controlling the situation

 

 

1,632 Economie 12/09/2020 21:19 Baghdad Today -

Baghdad Economic expert Rasem Al-Akidi confirmed, Wednesday (9-12-2020), that most of the private banks in the country are fronts for neighboring countries, while describing what he called the state’s “secrecy” of the currency auction as “very disturbing.” Al-Aqidi said in an interview with (Baghdad Today), that "the clear difference between the exchange rate of the dollar in the currency auction and the Iraqi markets confirms that there are whales controlling the economy in the country," noting that "the sale of the dollar to private banks raises many question marks and indicates Until there are political blocs and senior officials who possess the power of economic decision-making, and they are the ones who founded those banks and others are shareholders, so they try to control the central bank’s decision. He added, "The correct framework for selling the dollar is through government banks or the Central Bank of merchants and importers, and not through private banks that put a large profit margin that affects the price of imported materials, the Iraqi currency and individual income, and has repercussions on the economic, political and social file." Al-Aqidi pointed out that "the painful truth is that Iraq has become a source of hard currency for many countries, including neighboring countries and others in Asia, and there are large multinational companies that subsist on currency auctions in Baghdad, but most of the neighboring countries have very large Iraqi funds in order to enter the currency auction and buy dollars because it is Basically, most of the private banks are fronts for multiple countries. " He continued, "The controversial matter is the government's recent concealment of announcing the schedules of selling the dollar and its quantities in the labor auction, which raises a real concern about what is happening while the process was clear to the media and by numbers," stressing that "the government is able to control the dollar exchange rate because it is "Who owns the dollar through oil sales, in addition to that it owns a large monetary mass through its non-oil resources, including taxes, but it needs crucial decisions." The economist and member of the Board of Directors at the Central Bank, Majed Al-Suri, spoke on Tuesday (December 8, 2020), about the reasons for the high exchange rate of the dollar in local markets. Al-Suri said in an interview with (Baghdad Today), that "speculation, political and economic confusion, and citizens' lack of confidence in the future of the Iraqi dinar are among the main reasons for the high exchange rate of the dollar in the local markets." On the role of the central bank in dealing, with fears of a high exchange rate of the dollar, al-Suri indicated that "the central bank sells dollars at an exchange rate ($ 1190), and there is no change in the price. He continued: "Knowing that up to now, there is no intention of the Central Bank to raise the exchange rate, and all that is being circulated of opinions issued by MPs and politicians about fears of a high exchange rate represent means of pressure to achieve certain goals." He warned that "the central bank seeks to pump hard currency, for the purpose of controlling its exchange rate in the local markets." He pointed out that "private banks and banking companies have been identified to buy 30 thousand dollars a week," explaining that "this reduction in the infusion of hard currency came because of the lack of travel for tourism, medical treatments, and the lack of liquidity from hard currency." As the picture indicated, "the Central Bank decided to receive foreign transfers in the form of 75% for the dollar, and 25% for the Iraqi dinar." The exchange rate of the dollar rose again in the local markets in Iraq, to touch the new high on Tuesday, 128 thousand dinars for every 100 US dollars. The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20.

Thanks Yota, what I was confused about is it seems to be going in the wrong direction and would cause inflation ... but I think I’m pretty straight in the head now , I think I’m just WAIT silly now 🤷🏻‍♀️

[ronscarpa]

Iraqi MP says Govt to Devalue Dinar

8th December 2020 in Iraq Banking & Finance News, Iraq Industry & Trade News, Politics

By John Lee.

A member of Iraq's Parliamentary Finance Committee has reportedly confirmed the government's intention to devalue the Iraqi dinar.

MP Jamal Kocher told Shafaq News Agency:

"I think that there is a government tendency to create an atmosphere for raising the dollar exchange rate more than it was in previous budgets ... The government must take these steps. Otherwise, there will be a huge deficit."

 

Link: https://www.iraq-businessnews.com/2020/12/08/iraqi-mp-says-govt-to-devalue-dinar/

 

[davis411]

Thank you Ron 

[ronscarpa]

Iraqi government tends to raise the Dollar's exchange rate against the dinar to raise the Dollar's exchange rate against the Date: 2020-12-08dina2020-12-08 03:01

A- A A+

Shafaq News / A member of the Parliamentary Finance Committee confirmed the government's intention to raise the exchange rate of the Dollar.

The owners of banking offices attributed the recent rise in the Dollar's exchange rate to the increase in demand for it by citizens, after rumors of the government's intention to raise its price.

MP Jamal Kocher said in an interview with Shafaq News agency, "I think that there is a government tendency to create an atmosphere for raising the dollar exchange rate more than it was in previous budgets, to reach approximately 130 thousand dinars for every 100 dollars," indicating that this step will affect the citizens and their salaries.

Kocher added, "The government's approach to reducing the deficit within the budget for next year boils down to four main steps, the first is to raise the exchange rate of the Dollar against the dinar, raise the price of the oil barrel to more than $ 42, which was previously announced by the Minister of Oil, implementing the reform paper into texts within the budget law, and finally, pressure expenditures and go to major expenditures only.

"The government must take these steps. Otherwise, there will be a huge deficit," he said.

 

Link: https://shafaq.com/en/Economy/Iraqi-government-tends-to-raise-the-Dollar-s-exchange-rate-against-the-dinar

Edited December 10, 2020 by ronscarpa

[pokerplayer]

Thxs Ron. I found them a little confusing though. Its stills reads a dinar RV , " I think " ?

 

pp

[Engine1]

From what I read here. That they value the dollar more than the dinar.  They want to raise the exchange rate of the dollar against the dinar.  So the way I read this, is dinar will drop in value ( or like they said DEVALUE ) .   But like some say.            " this is smoke and mirrors "        do you see the air quotes ?